27 September 2016, India :
Flipkart and Walmart, one with a strong presence in the Indian online space and the other is the largest company in the world, by revenue, are teaming up to prepare for the forthcoming festive sale.
The Economic Times reported, citing two sources it didn’t name, that “the companies are engaged in early talks and a meeting is scheduled this week”. These discussions, reportedly, include the world’s largest retailer picking up a minority stake in Flipkart.
ET reported, “As a policy, we don’t comment on speculative reports,” a Walmart spokesperson said in an email. A Flipkart spokesperson said, “It is our policy not to comment on rumors or speculations.”
Any deal would see Walmart square off against US rival Amazon, which is locked in a battle for supremacy with Flipkart in an Indian ecommerce market that Morgan Stanley analysts predict will hit turnover of $119 billion by 2020.
Walmart has been present in India for almost a decade now. The company had entered into an equal joint venture with Sunil Bharti, Mittal’s Bharti Enterprises. However, in 2013, it bought out its partner and decided to go solo. Walmart operates 21 Best Price wholesale offline stores in nine states in India.